education and learning
Is a business EIN the same as a tax ID?
EIN. An Employer Identification Number (EIN) is also known as a federal tax identification number, and is used to identify a business entity. It is also u...
Category: Education And Learning
education and learning
What is the QSBS exemption?
A qualified small business stock (QSBS) is any stock acquired from a QSB after Aug. 10, 1993. Under Section 1202, the capital gains from qualified small b...
education and learning
Why is my tax return always so small?
Answer: The most likely reason for the smaller refund, despite the higher salary is that you are now in a higher tax bracket. And you likely didn’t adjust...
education and learning
How do I find out what happened to my income tax?
Whether you owe taxes or you’re expecting a refund, you can find out your tax return’s status by: Using the IRS Where’s My Refund tool. Viewing your IRS a...
education and learning
When can I withdraw money from my SEP IRA?
59 ½ Participants can withdraw funds from their SEP IRA at any time without being required to show evidence of financial hardship. However, withdrawals ta...
education and learning
Is solar energy for home worth it?
If you live in an area with high energy rates and a suitable solar rating and can afford the initial investment, it’s worth installing solar panels in you...
education and learning
What do you need to know about 1099-C tax form?
Form 1099-C is used to report canceled debt, which is generally considered taxable income, to the IRS. What should I do with my Intuit 1099-C? The entity ...
education and learning
Does incorporating protect personal assets?
As a separate legal entity a corporation is like a person in terms of what it can and can’t do. In this way a corporation can protect you and your persona...
education and learning
How long do back tax refunds take?
If you file a complete and accurate paper tax return, your refund should be issued in about six to eight weeks from the date IRS receives your return. If ...
education and learning
What to do if information on W-2 is wrong?
Call the IRS toll free at 800-829-1040 or make an appointment to visit an IRS Taxpayer Assistance Center (TAC). The IRS will send your employer a letter r...
education and learning
Do you have to put LLC in your business name Texas?
The name of limited liability company must contain the words limited liability company, limited company, or the abbreviation of one of those phrases (i.e....
education and learning
How many years behind can you file taxes?
six years The IRS requires you to go back and file your last six years of tax returns to get in their good graces. Usually, the IRS requires you to file t...
education and learning
Can you file a second extension for 1120S?
Since the inception of the Form 7004, the extension now grants you an extra six months to file your taxes, but there is no second extension. For Corporati...